How do the Estonian GAAP standards compare with International Financial Accounting Standards (IFRS)?

Estonian GAAP standards share many similarities with the International Financial Accounting Standards (IFRS), especially in aspects of financial reporting. In some areas, Estonian GAAP allows a choice of accounting policy, which could either follow IFRS for SMEs or Estonian GAAP specifics. For areas not covered by Estonian GAAP, IFRS for SMEs is recommended but not mandatory, and Estonian GAAP always includes a comparison with IFRS for SMEs.